West of England P&I Club has completed its 2025 renewal, achieving premium increases that exceeded its board’s expectations.
For the third consecutive year, the Club’s member retention remained above 99.5%, with continued support from existing members and organic growth both at renewal and throughout the 2024-25 policy year.
Several new members joined West this month, resulting in its total mutual tonnage increasing to about 110 million GT, up from 100 million GT last year.
The fixed and charterers books have also grown over the past year, with high retention levels in both classes, the company said. West also noted controlled growth from existing members and non-entered fleets in its hull, loss of hire and delay classes, with each contributing to overall technical performance.
Commenting on the renewal performance, West P&I group CEO Tom Bowsher (pictured above) said that despite the change in the claims environment, the Club was “well-positioned” to meet its board’s objectives, and to retain and grow its books across all of its business lines.
“I am encouraged by the renewal result and the ongoing support of our membership,” Bowsher said.
Simon Parrott, joint chief underwriting officer, said that the results would further strengthen the Club’s capital base and ensure that it remains well-positioned for the future. “Service and member support across all our business lines is a primary objective, and we continue to strengthen our global teams to meet these demands,” he said.
Bart Mertens, also joint chief underwriting officer, said the Club has prioritised stability in a challenging market. Mertens will become the sole chief underwriting officer once Parrott retires this year.
In January, West P&I acquired Nordic Marine Insurance, expanding West’s footprint in the marine insurance market.
Nordic is known for its expertise in delay insurance, hull and machinery, as well as other niche marine products. The deal is expected to strengthen West’s presence in Scandinavia while meeting demand for specialist delay insurance within the marine market.
“It has been a positive year for West with our recent acquisition of Nordic, being the first of the international group clubs to have a presence in the United Arab Emirates, to strengthening our teams globally including welcoming Bart as Simon’s successor as global chief underwriting officer of the Club. The Club is looking forward to another successful policy year ahead,” Bowsher said.
